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This collaboration will support fintechs with the expertise, infrastructure, and rapid go-to-market capabilities needed to navigate the complexities of issuing cards unlocking new opportunities for financialinclusion and digital transformation.
The Saint James Municipal Corporation and Mastercard have announced the signing of a Memorandum of Understanding (MOU) designed to foster digitalization as a catalyst for financialinclusion in the municipality. MSMEs constitute the spinal structure of our local economy. His Worship, Mayor Richard Vernon.
Payments giant Mastercard is joining forces with Ethio Telecom , a telecommunications service provider in Ethiopia, in a move to enhance financialinclusion and wealth creation in East Africa. This extensive network positions Ethio Telecom as a major driver of Ethiopia’s digital economy.
Tucked between the giant economies of China and India, the Kingdom of Bhutan has traditionally kept itself isolated, relying heavily on rural agriculture and local industries. Yet, as the country opens its doors to the world with a commitment to sustainability, it is also embracing digital innovation to reshape its financial sector.
Nigerian fintech Moniepoint has secured investment from digital payments giant Visa , enabling it to continue its mission to ensure financialinclusion for people across Africa. “Together, we aim to deepen financialinclusion, enabling SMEs to access the tools and resources they need to thrive in an increasingly digital economy.
Mastercard has once again collaborated with foodpanda, a Delivery Hero-owned online food and grocery delivery platform, to boost digital payment in Pakistan and support the nations transition toward a cashless economy. According to data from the State Bank of Pakistan, currency in circulation (CIC) in the country increased by 11.2%
Mexico in Focus: Open Banking and FinancialInclusion A briefing for banks and fintechs, with key insights and details of the opportunities available in LatAm’s third-largest nation. Open Banking represents an important possibility for both financial institutions and the Mexican population.
The report highlights key milestones, insights, and the organizations transition into an independent foundation, further strengthening its ability to drive financialinclusion across the continent.
The current cross-border payment system imposes high costs on businesses and economies worldwide, stifling economic potential and limiting financialinclusivity. Challenges to financialinclusivity Cross-border payment challenges disproportionately affect low-income individuals and small businesses in developing regions.
Vietnam is undergoing a transformation and moving towards becoming a cashless economy, a shift that has been driven by innovative financial solutions and public initiatives, a new report by Chiming, a market research firm focusing on Vietnam and Indonesia, shows. rate in 2023.
Despite their crucial role in economic growth and job creation, nearly half of all MSMEs in Asia and the Pacific are either unserved or underserved by financial institutions. Bhargav Dasgupta “MSMEs are the backbone of economies across Asia and the Pacific, yet many struggle to obtain adequate finance.
The regions strong fundamentals, coupled with a growing digital economy, promise continued growth and innovation in the coming years, a new report by Royal Park Partners (RPP), a fintech-focused corporate finance advisory firm, says. These platforms are bridging credit gaps, playing a crucial role in the supporting local economies.
This strategic expansion aims to boost financialinclusion by providing efficient, affordable cross-border payment solutions to one of the world’s fastest-growing economic regions. Remittances are vital in supporting households, small businesses, and local economies across Africa. In 2023, remittances accounted for nearly 1.5
The report, titled “Her Fintech Edge: Market Insights for Inclusive Growth”, explores the representation of women within fintech portfolios and the factors influencing, and examines the performance of women customers compared to overall portfolios, considering loyalty, customer lifetime value (CLV), and default rates.
To promote financialinclusion and accessibility, TerraPay , a leading global money movement company, has partnered with Yape , the superapp of Peru. Diverse Functionality: Users can immediately utilize the received funds across various app features, promoting a cashless economy and fostering greater financialinclusivity.
Arturo Planell Arturo Planell, Group Country Manager, Regional Southeast Asia at Visa, said, “This milestone reflects Visas commitment to digital and financialinclusion in Cambodia, supporting tourism businesses and small enterprises.” ” Dr. Chea Serey H.E.
Agriculture, however, remains the largest contributor to the economy, accounting for nearly half of the GDP and employing two-thirds of the labour force. Developing region As with many developing economies, Myanmar’s informal sector plays a crucial role. The Covid-19 pandemic had a significant impact on Myanmar’s economy.
Financialinclusion is a critical issue, but simply providing access to financial products isn’t enough. True inclusion requires financial literacy, empowering individuals to make informed decisions. AI’s ability to revolutionise money management is undeniable.
The collaboration will advance financialinclusion and contribute to an even more accessible digital economy by facilitating the movement of funds from Jordan to 37 countries. Mastercard focuses on building robust payment ecosystems and advancing the digital economy across the Middle East.
India, a rapidly growing economy with over 1.4 billion people, faces significant challenges in financialinclusion. Since independence, its banking sector has evolved through four distinct phases: Pre-social banking (1950-1969), Social banking (1969-1990), and two Liberalisation periods (1990-2005, 2005-present).
Paysend and Mastercard have partnered to launch Paysend Libre in Mexico in a move to drive financialinclusion in a region where the majority of the population is still underbanked or unbanked. Paysend is taking a lead in financialinclusion throughout the LATAM (Latin American) Region with the launch of Paysend Libre in Mexico.
Oradian, a fintech firm based in Makati, Manila , has notably improved financial sector access, especially in Southeast Asia. They were key contributors in a panel at the Singapore Fintech Festival , discussing the role of profitable scalability in financialinclusion.
Having originally launched in Mexico in February 2024, inDrive Money improves financialinclusion for gig economy workers. “Our embedded solution within the inDrive platform allows for quick, easy, and seamless access to capital, advancing financialinclusion throughout the country.
Africas digital payments economy is set to grow from strength to strength according to a Mastercard-commissioned report by Genesis Analytics stating that the digital payments economy is expected to reach $1.5 trillion by 2030.
Payments innovation in Indonesia holds significant promise for contributing to the nation’s economy and helping bring about a more inclusive, accessible, and equitable financial system. Indonesia also has the largest digital economy in Southeast Asia, a sector that reached a gross merchandise value of US$82 billion in 2023.
The collaboration will create a safe, inclusivefinancial ecosystem that bridges markets, enabling swift reliable payments across borders and offers financial empowerment tools to millions of Africans and businesses.
Paymentology , the global issuer-processor, has joined forces with Diamond Trust Bank , a tier-one East African commercial bank, in a move hoping to help drive financialinclusion in Kenya through the embedding of financial services, and deployment of Cards-as-a-Service (CaaS).
Financial exclusion: A global challenge According to a report by the World Bank , despite rapid advancements in the digital finance ecosystem, 1.4 AI plays a crucial role in fraud detection and compliance, ensuring that financialinclusion does not come at the cost of security. billion adults worldwide remain unbanked.
Remittances play a vital role in the Ghanaian economy, and our goal is to make the process as seamless as possible for Ghanaians in the diaspora looking to send money home. This approval is a testament to our ongoing commitment to supporting financialinclusion and economic growth in Africa.
Simon Baptist, Principal Economist, Visa Asia Pacific, added: Vietnam’s economy will yet again be one of Asia’s fastest-growing in 2025. Visa is committed to innovative solutions that support this evolving landscape, helping businesses and consumers thrive in the digital economy.
Designed to serve the needs of micro and small businesses (SMEs) and freelancers, Yuze offers financial solutions that look to support local businesses and fuel growth in Indias economy. At Yuze, financialinclusion is at the core of everything we do. At Yuze we believe in financialinclusion for everyone.
I hope that today’s call to action acts as a pivotal moment in driving financialinclusion across the sector. Sara Davies said: “By empowering the financially vulnerable with the tools and support they need, we can reduce social isolation, improve mental health problems, and foster a more inclusiveeconomy.
The Bank’s fintech investment underscores its commitment to driving digital transformation and fostering financialinclusion across key markets. ” Amir Fardghassemi, Founder and CEO of Jingle Pay, said: “Partnering with Bank Alfalah empowers us to scale our vision of inclusive finance.
At a time when market conditions have led to increased caution toward fintech firms, this partnership is a testament to our strong fundamentals and commitment to financialinclusion. Thomas G.
Combining Mashreq’s regional success with Mastercard’s global and Pakistan expertise, this collaboration will introduce innovative digital propositions to individuals and businesses in Pakistan with the aim of bolstering the digital economy, accelerating digital payment adoption and driving financialinclusion in Pakistan.
This strategic milestone underscores Mastercards commitment to supporting the country’s growing digital economy by providing innovative financial products and services tailored to the market. Mastercard has expanded its operations in West Africa with the opening of its first office in Accra, Ghana.
Cross-border payment hub, Tranglo , has expanded its footprint in Africa, now supporting payouts in Ethiopia, Kenya, Liberia, Madagascar, Mali, Senegal, and Zambia as it continues to aim to boost financialinclusion by providing efficient, affordable cross-border payment solutions to the region. per cent in 2024.
This latest offering strengthens MTNs commitment to driving financialinclusion and enhancing digital accessibility across Uganda, aligning with the companys broader mission of enabling a digital economy for all. This new product underscores our dedication to innovation and excellence in the digital financial sector.”
By removing traditional barriers and enabling instant acceptance, Aani is not only enhancing business efficiency but is advancing financialinclusion and supporting the UAE’s broader vision of a cashless, digitally empowered economy.”
.” Cedric N’guessan, Executive for Payment and E-commerce at MTN Group Fintech added, “This collaboration with Network International is pivotal in enhancing financialinclusion across Africa and beyond.
UPI has made formal financial services accessible to millions and has had a clear impact on Indias digital economy. The Platform has transformed the digital economy of India by making more seamless transactions and increasing financialinclusion.
Leveraging technologies like advanced data encryption, the company aims to power faster digital payments and help advance the UAE’s cashless economy. “We We are thrilled to receive this approval which allows us to bring our vision for Comera Pay to life,” said Akhtar Saeed Hashmi, MD of Comera Financial Holding. “By
Payment trends in Asia are changing how businesses and people transact from the digital-first economies of China and Singapore to the quickly changing markets of Indonesia and Vietnam. This article explores five key trends changing how we pay today while pushing the narrative for a more efficient, powerful financial ecosystem in Asia.
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